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What Is The Best Forex Trading Strategy You Know? - Business - Nairaland

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What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 10:04am On Jan 08, 2021
This is for stock market, crypto and forex traders only. What is the best trading strategy you use that constantly gives you profit? Is it hedging, fundamental analysis, indicators such as RSI, Etc etc. Thanks
Re: What Is The Best Forex Trading Strategy You Know? by josephubah111(m): 10:23am On Jan 08, 2021
Money management.

3 Likes

Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 11:55am On Jan 10, 2021
josephubah111:
Money management.
haha. Nice one. I can't argue with you at all though it's not a trading strategy, it's for capital preservation
Re: What Is The Best Forex Trading Strategy You Know? by smartking1: 12:42pm On Jan 10, 2021
Forex Money Making Machine

Re: What Is The Best Forex Trading Strategy You Know? by databoy247(m): 12:49pm On Jan 10, 2021
For now, I'm leaning towards MA (Moving Average).

1 Like

Re: What Is The Best Forex Trading Strategy You Know? by steephen: 2:42pm On Jan 10, 2021
Candle stick patterns, price action

1 Like

Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 10:18pm On Jan 17, 2021
steephen:
Candle stick patterns, price action
seems to be ok but usually not accurate
Re: What Is The Best Forex Trading Strategy You Know? by rhynoemmie(m): 11:35pm On Jan 17, 2021
The best for me is trendline trading or break out strategy with support and resistance for further confirmation

1 Like

Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 8:08pm On Jan 18, 2021
rhynoemmie:
The best for me is trendline trading or break out strategy with support and resistance for further confirmation
Yes I also trade breakouts. Especially the London breakout that starts 9am Nigerian time. Sometimes also NYSE breakout but I've only once tested Asia market breakout.
Re: What Is The Best Forex Trading Strategy You Know? by skylane(m): 9:56pm On Jan 18, 2021
supply and demand order blocks order flow institution trading,etc plus trend line strategy is a killer

4 Likes

Re: What Is The Best Forex Trading Strategy You Know? by skylane(m): 9:59pm On Jan 18, 2021
kamtrix:
seems to be ok but usually not accurate
what is as accurate as price action trading?
Re: What Is The Best Forex Trading Strategy You Know? by rhynoemmie(m): 3:55pm On Jan 19, 2021
kamtrix:
Yes I also trade breakouts. Especially the London breakout that starts 9am Nigerian time. Sometimes also NYSE breakout but I've only once tested Asia market breakout.

You've got something good going for you.
Keep it up
For Asian markets I use just the trend line with support and resistance cuz deir more volatile with less chances of a breakout except its one caused by news feed.

1 Like

Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 11:52pm On Jan 20, 2021
rhynoemmie:


You've got something good going for you.
Keep it up
For Asian markets I use just the trend line with support and resistance cuz deir more volatile with less chances of a breakout except its one caused by news feed.
Thanks. I'm enjoying this
Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 1:01pm On Jan 24, 2021
rhynoemmie:


You've got something good going for you.
Keep it up
For Asian markets I use just the trend line with support and resistance cuz deir more volatile with less chances of a breakout except its one caused by news feed.
I've been contemplating something. How about trading long term trends. As in like 200 day bars on 2 hour time frames and if there's an established trend , follow it. Using support/ resistance for stop loss. Don't you think such trend would less easily fade out.
Re: What Is The Best Forex Trading Strategy You Know? by rhynoemmie(m): 9:19pm On Jan 24, 2021
kamtrix:

I've been contemplating something. How about trading long term trends.


If am interpreting this right, you're asking about the strength of a trend line. The strength of a trendline will always depend on the time frame it was drawn on. A trend line drawn on the 4hr tf will always be stronger than one drawn on the 1hr tf.

As in like 200 day bars on 2 hour time frames and if there's an established trend , follow it. Using support/ resistance for stop loss. Don't you think such trend would less easily fade out.

Depending on the account size and lot size of trades taken, if you time your entry well on the 5 or 15min chart, you could ride the trend till it hits your tp or you could just trail these trades.
Re: What Is The Best Forex Trading Strategy You Know? by rhynoemmie(m): 9:22pm On Jan 24, 2021
kamtrix:
Thanks. I'm enjoying this

It's more fun seeing a trade play out the way you had predicted which further solidifies your strategy and you're just sitting down, smiling at your system like wtf!!!!! shocked shocked
Re: What Is The Best Forex Trading Strategy You Know? by Chidexthebest: 10:35pm On Jan 24, 2021
Break and retest of the 50EMA. I call it the IBO
Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 4:51pm On Jan 26, 2021
rhynoemmie:


If am interpreting this right, you're asking about the strength of a trend line. The strength of a trendline will always depend on the time frame it was drawn on. A trend line drawn on the 4hr tf will always be stronger than one drawn on the 1hr tf.



Depending on the account size and lot size of trades taken, if you time your entry well on the 5 or 15min chart, you could ride the trend till it hits your tp or you could just trail these trades.
thanks. The only issue there is you'll have to take multiple trades daily, currently I only have time for few long trades a day. Once I get the perfect strategy I'll quit my job. Lol.

And yeah I'm talking of trend line strength. Looking at long term trends with small lot trades that could last 1-10 days
Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 4:52pm On Jan 26, 2021
rhynoemmie:


It's more fun seeing a trade play out the way you had predicted which further solidifies your strategy and you're just sitting down, smiling at your system like wtf!!!!! shocked shocked
lol. I've experienced this with Random walk index indicator. But I got tired of short term trading with it . Sometimes 2 seconds after a trade, it's high green In profit,
Re: What Is The Best Forex Trading Strategy You Know? by rhynoemmie(m): 4:58pm On Feb 06, 2021
kamtrix:


And yeah I'm talking of trend line strength. Looking at long term trends with small lot trades that could last 1-10 days

If you're planning on taking trades that could last at best 10days, then you might want to consider drawing your trendlines on the weekly and daily tf then set ur entries on the 1hr and 4hr chart... Depending on the confirmation gotten from a particular trade, you could time your entry down to the 5min tf
Re: What Is The Best Forex Trading Strategy You Know? by rhynoemmie(m): 5:01pm On Feb 06, 2021
kamtrix:
lol. I've experienced this with Random walk index indicator. But I got tired of short term trading with it . Sometimes 2 seconds after a trade, it's high green In profit,

You got tired of short term trading
Hope you're not letting greed dictate your trades and I've heard somewhere that there's no perfect strategy so if random walk index flows well with you, you could just stick to it and increase your skills with that particular indicator
Re: What Is The Best Forex Trading Strategy You Know? by criuze(m): 6:51pm On Feb 06, 2021
i withdrew for mow I thought TDI would be the magic wand
Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 9:42pm On Feb 06, 2021
criuze:
i withdrew for mow I thought TDI would be the magic wand
what's TDI
Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 9:46pm On Feb 06, 2021
rhynoemmie:


If you're planning on taking trades that could last at best 10days, then you might want to consider drawing your trendlines on the weekly and daily tf then set ur entries on the 1hr and 4hr chart... Depending on the confirmation gotten from a particular trade, you could time your entry down to the 5min tf
I'm using btw weekly to 30 days tf. The best way it works is by monitoring consolidation. Once the market stops ranging and starts trending, let trend confirm then buy in trend direction. Only issue I'm having now is too tight stop loss. Sometimes it closes when trend is still forming
Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 9:48pm On Feb 06, 2021
rhynoemmie:


You got tired of short term trading
Hope you're not letting greed dictate your trades and I've heard somewhere that there's no perfect strategy so if random walk index flows well with you, you could just stick to it and increase your skills with that particular indicator
RWI walks good. But I'm annoyingly ok with trading trend breakouts after consolidation stops. To each one his own sha
Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 9:48pm On Feb 06, 2021
rhynoemmie:


If you're planning on taking trades that could last at best 10days, then you might want to consider drawing your trendlines on the weekly and daily tf then set ur entries on the 1hr and 4hr chart... Depending on the confirmation gotten from a particular trade, you could time your entry down to the 5min tf
do you trade crypt also? That's a crazy ballgame. Bitcoin moves to much with no direction
Re: What Is The Best Forex Trading Strategy You Know? by biztemmy: 6:19pm On Feb 07, 2021
Mine is indicator, candle and software see its signal accuracy here https://www.nairaland.com/6386144/fx-accurate-signal-free-100
Re: What Is The Best Forex Trading Strategy You Know? by opeyemix: 7:06pm On Feb 07, 2021
For position trading, i use Support and resistance to identifying opportunities, then i use candle stick price action for my signal, i will then switch to 5 minute chart to confirm that the trend is now bullish....

For trend trading, i make a keylevel and then wait fir trend to retest my keylevel then i wait for candle stick price action for my confirmation.... I do this mostly on 5M

Works greatly for both crypto and forex
Re: What Is The Best Forex Trading Strategy You Know? by Webcomb: 1:46pm On Feb 10, 2021
kamtrix:
I'm using btw weekly to 30 days tf. The best way it works is by monitoring consolidation. Once the market stops ranging and starts trending, let trend confirm then buy in trend direction. Only issue I'm having now is too tight stop loss. Sometimes it closes when trend is still forming

Since you have identified your problem, why not set your stop loss wider? Always ensure that your stop loss is outside support or resistance on 4hr time frame.

Good luck!

1 Like

Re: What Is The Best Forex Trading Strategy You Know? by kamtrix(m): 9:56pm On Feb 10, 2021
This is me updating this. There's more to learn in this.
You have to protect your trade and find a good risk management method to be in good profits
Webcomb:


Since you have identified your problem, why not set your stop loss wider? Always ensure that your stop loss is outside support or resistance on 4hr time frame.

Good luck!
yes I've changed it and so far so good. I'm having more good trades after removing stop loss and using margin stop of 95%. Though I'm on low leverage. Turns out trend take hours or even days to form completely so it's best to use a pending order
Re: What Is The Best Forex Trading Strategy You Know? by rhynoemmie(m): 9:39am On Mar 25, 2021
kamtrix:
do you trade crypt also? That's a crazy ballgame. Bitcoin moves to much with no direction

I trade crypto too but I use Bitcoin as a threshold for other coins

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